Business Daily from THE HINDU group of publications
Tuesday, Jul 07, 2009
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Business Daily from THE HINDU group of publications Tuesday, Jul 07, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Outlook Industry & Economy - Budget
Our Bureau Kolkata, July 6 The Government’s decision to extend investment-linked tax incentives to oil and gas pipelines would substantially benefit GAIL (India) Ltd. IndianOil and GSPL will also figure on the gainers list. Talking to Business Line, the GAIL Chairman, Mr U.D. Choubey, said that the company has rolled out a Rs 22,000-crore investment roadmap on revamping the existing pipelines, enhancing capacities and setting up new pipelines. Of the total financial commitments to the tune of Rs 12,000 crore were made. “With today’s announcement we see major tax gain on the promised investment on pipeline sector,” he said adding that the company would bid to grab the Rs 35,000-crore national gas grid project. Among the major projects, GAIL is enhancing the capacity of its HBJ pipeline. Trunk pipelines connecting Southern India have been proposed. The Gujarat-based transporter GSPL will also be eligible for tax benefits. According to D.J. Pandian, Managing Director, GSPL, the company will invest about Rs 5,000 crore in its pipeline network. Among the oil companies IndianOil – having over 10,000 km of pipeline network – is expecting tax sops. “We are expecting some benefits on proposed pipelines connecting the upcoming Paradip refinery. The details of which, however, could not be ascertained so far,” Mr S.V. Narasimhan, Director - Finance of IOC, said. Capex on the pipelines are not known as the detailed estimate is yet to be finalised. According to sources, Cairn India which is currently laying a 600-km pipeline to evacuate the oil from Barmer to coastal Gujarat may also benefit. The estimated cost of the project is $900 million. Cairn officials, however, declined to comment on the same. More Stories on : Outlook | Budget | GAIL (India) Ltd | Petroleum
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